Jeonnam 1 Offshore Wind Project in Korea Reaches Financial Close and Begins Onshore and Offshore Construction

October 11, 2023 – Seoul / Copenhagen:

Jeonnam 1 – a 99-MW offshore wind farm off the coast of Shinan County, Jeonnam Province in the southwest of Korea – reached financial close in early 2023. The project is on track with construction activites and is expected to reach completion by the end of 2024.

Jeonnam 1 is a joint venture between SK E&S, one of the largest conglomerates in South Korea and Copenhagen Infrastructure Partners (“CIP”) through its fund Copenhagen Infrastructure III (“CI III”). The project has been developed by a joint team comprised by Copenhagen Offshore Partners (COP), a global leader in offshore wind development and construction and the exclusive offshore wind development partner to CIP, and SK E&S.

Jeonnam Offshore Wind Power was founded in 2020 and is expected to become the first Korean commercial scale offshore wind farm to go into operation in 2024. The project is a 51-49 joint venture between SK E&S and Copenhagen Infrastructure Partners (CIP).

In association with SK E&S and CIP, COP will also be involved in the planning and construction for Jeonnam 2 and Jeonnam 3, two offshore wind projects with a total capacity of 800MW currently in the development phase. Jeonnam 1, 2 and 3 will support Korea’s ambitious target of reaching 14.3 GW of offshore wind power by 2030, a significant increase compared to the existing 0.1GW installed today.

Jeonnam Offshore Wind Power obtained an Electricity Business License in 2017 and entered a grid connection agreement with KEPCO, the state-owned utility in South Korea, allowing the project to connect to the grid during 2024. In 2022, Jeonnam 1 was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction.

Throughout 2022, the project also signed manufacturing and construction contracts with Korean suppliers including Hyundai Engineering and Steel Industries, Hyundai Electric and Gaon, KT Submarine and LS Cable and System. The project will utilize Mokpo New Port as marshalling port throughout construction, given the port’s ideal location near the Jeonnam 1 site.

Jeonnam 1 COO and partner at COP, Jesper Krarup Holst commented, “We are delighted to reach this milestone and enter the construction phase together with our JV partner and the project team. Together, we have demonstrated the power of close collaboration across companies and cultures to resolve tough challenges, to reach financial close, and to support Korea in its efforts to achieve their ambitious renewable energy goals.”

Jeonnam 1 CEO, Daniel Yun said “SK E&S is proud to be leading the offshore wind industry in Korea with this landmark project. Jeonnam 1 is expected to provide green electricity equivalent to approximately 60,000 households in Korea.”

Torsten Lodberg Smed, senior partner at CIP, said: “Korea has a vast potential for offshore wind and CIP has, since entering the Korean market in 2018, invested significantly in developing the country’s wind power projects in multi-giga watts scale and its supply networks and foster a strong industry ecosystem. We are proud to have reached financial close and entering the construction phase on Jeonnam 1 and we look forward to completing this landmark project together with our partners.”

 

 

About Copenhagen Offshore Partners

Copenhagen Offshore Partners (COP) is a world leader in offshore wind project origination, development, and construction. COP is accelerating the energy transition through development of a 50+ GW project portfolio, one third of which represents floating offshore wind. An industry pioneer, the group is leading project development in new markets, including four projects currently under construction – Changfang Xidao and Zhong Neng in Taiwan, Vineyard Wind 1 in the United States and Jeonnam 1 in Korea. COP also specializes in system integration capabilities, including power-to-x. COP’s expert team are advancing projects across 17 offices in Europe, Asia Pacific, and the Americas.

In Korea, COP is developing the Jeonnam 1, 2, and 3 projects as well as an additional 9 projects including Ulsan Haewoori floating offshore wind projects (3 x 500MW), Shinan projects (4 x 500MW) and 2 Younggwang projects (2 x 500MW). Seven of these (3.5GW) have already obtained an electricity business license and are advancing through EIA activities.

COP is a proudly independent company owned by its management. Learn more at www.cop.dk

 

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages ten funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com